Republican book club another way to raise cash

U.S. Representative Jeb Hensarling, chairman of the House Financial Services Committee, who also runs a book club where Republicans pick their favorite books and lobbyists donate money to campaigns.

WASHINGTON (MarketWatch) – On the first Tuesday of every month, Republican lawmakers and lobbyists meet for a book club where favorite readings — and donations — are exchanged.

According to a story in the New York Times, the event is held at the National Republican Club on Capitol Hill, where lawmakers pick their favorite book and lobbyists donate money to their campaigns.

Among some of the selected reads included Rep. Michele Bachmann picking a book on the history of al-Qaeda, Rep. Andy Barr of Kentucky choosing “Seabiscuit” and Rep. Tim Murphy, a psychologist, picking his own book, “The Angry Child,” saying that it could be useful in handling Congress.

Wall Street lobbyists in particular hold an amount of influence and the book club has been tied to Republicans in the House Financial Services Committee, having been founded by a former chairman, Michael Oxley, and currently led by current Chairman, Rep. Jeb Hensarling.

But the book club is an example of how political fundraisers have changed from the typical cocktail parties. Among other fundraisers with Wall Street lobbyists are bocce ball games, spa weekends and even rodeo trips to Las Vegas, the report said.

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